Terra Nova Energy Ltd. Announces Name Change, New Board of Directors and Continuance to Alberta

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CALGARY, AB–(Marketwire/AsiaNet Pakistan – Aug 21, 2012) – Terra Nova Energy Ltd. (TSX VENTURE: TGC) (“Terra Nova” or the “Corporation“) is pleased to announce that all of the resolutions put forth at its Special Meeting of Shareholders held on August 13, 2012 have been approved, including the change of name from Terra Nova Minerals Inc. The resolutions are described in more detail below.

The number of directors was set at six, and the election of the Corporation’s Board of Directors was passed:

Norman Mackenzie – Director, Chairman and Chief Executive Officer of the Corporation since March 13, 2012. Former director and founder of C&C Energia Ltd. until June 2012, and also a director of Valparaiso Energy Inc. since 1997.

Peter Miles – Director of the Corporation since April 20, 2012. Also President, CEO and director of Sanatana Resources Inc. since 2004, director of Guerrero Exploration Inc. since 2010, director of Western Potash Corp. since 2011, and director of Gamehost Inc. since 2006.

Steven Harding – President, CEO and director of Contact Exploration since 2011, director of Huntington Exploration since 2011, and president, CEO and director of American Exploration since 2008.

Henry Aldorf – President of Pacific LNG Operations Limited since 2010. Former president of Marathon International Ltd. and former Vice President Global Upstream Business Development of Marathon Oil Inc.

Mark Stevenson – President, CEO and director of Holloman Energy Corporation since 2009, and president and CEO of Holloman Corporation since 1998. Also director of each of Adavale Resources and RMG since 2007 (both listed on the Australian Stock Exchange).

Shareholders also voted in favour of a continuation of the Corporation from the federal jurisdiction into Alberta (the “Continuance“) and approved a name change to Terra Nova Energy Ltd. The Continuance does not result in any change in the business of the Corporation. The Corporation commenced its current business in April 2012, at which time it relocated to Calgary, Alberta, where its head office is located. Following shareholder approval of the Continuance, Articles of Continuance were filed and, effective August 20, 2012, the Corporation is an Alberta corporation. Copies of the Articles of Continuance and By-laws will be made available on SEDAR at www.sedar.com.

Operational Update

The initial survey, clearing and testing work for the 127 km2 Mulka 3D Seismic Program for PEL 112 in South Australia that commenced on July 7, 2012 was completed on August 18, 2012. Seismic equipment and camp facilities have been on site for several days. On August 19, Geokinetics began shooting the Mulka 3D Seismic Program. Terra Nova is pleased to report that the seismic program is on schedule and is expected to be completed, inclusive of processing, in early October, as previously reported.

Terra Nova Energy Ltd. is a Calgary based oil and gas Corporation. Its common shares trade on the TSX Venture Exchange under the symbol “TGC.” (There has been no change to the symbol as a result of the name change.) It is anticipated that the common shares will begin trading on the TSXV under the new name, Terra Nova Energy Ltd., on Tuesday, August 21, 2012.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.